Recently, domestic antimony ingot market prices have continued to rise sharply, with actual trading volume being limited. Due to the impact of news such as the arrivals of Russian ore, the market supply side still maintains a cautious attitude, with a strong wait-and-see sentiment. In the short term, the possibility of Russian antimony ore fully entering the domestic market in May-June is very small and the timing is uncertain. Therefore, the expectation of tight raw material supply remains unchanged, and to prevent future difficulties in replenishing raw materials, they continue to hold back on selling antimony ingots and other products. Recently, as antimony prices continue to hit new highs, the market's frenzied sentiment has subsided, and speculative funds have also become cautious. End-users purchased on demand. As of May 24, SMM antimony average prices were: 2# low-bismuth antimony ingot at 118,000 yuan/mt, 1# antimony ingot at 124,000 yuan/mt, 0# antimony ingot at 125,000 yuan/mt, and 2# high-bismuth antimony ingot at 113,500 yuan/mt, all showing significant increases. As for the antimony trioxide market, SMM antimony trioxide average prices were: 99.5% at 110,500 yuan/mt and 99.8% at 116,500 yuan/mt, both also showing significant increases.
Market rumors suggest that the Russian State Duma Budget and Tax Committee recently approved a proposal to levy an additional mining tax of 78 million rubles/mt on gold from June 1 to December 31. The report, citing Deputy Finance Minister Alexei Sazanov, stated that the additional tax would provide 15 billion rubles ($162 million) in funding to offset the reduction in gold exports. Therefore, many market participants speculate that the real reason for the delayed entry of Russian antimony ore into the domestic market is likely an attempt to raise prices before selling.
![In February 2026, China's SMM-assessed antimony ingot production declined by more than 46% MoM [SMM Data]](https://imgqn.smm.cn/usercenter/tfLay20251217171725.jpg)
